Business

Will continue to stand by India to cover oil deficits: UAE envoy

NEW DELHI: The UAE and
Saudi Arabia
have stood by India
+ to cover deficits in oil supplies in the past and would do so in the future, said Ahmed Al Banna, UAE envoy to India.

Speaking to journalists before a meeting of the joint commission between the two countries, Al Banna said while fuel prices are determined by global markets and demand, he was confident that India would not have to worry about supplies even after a
180-day sanctions waiver by the US
+ on Iran oil imports ceases. “Even if that had not taken place, if you go back to history, in previous times, the UAE and Saudi Arabia have always stood very strongly and supplied and covered any shortage of oil or fuel concerns of India. So, I don't think there is any major concern on that,” he said.

Indian sources said recently that oil ministers from both UAE and Saudi Arabia personally assured Prime Minister Narendra Modi on continued oil supplies, during the energy forum held in Delhi. However, despite international oil prices at historic lows, India’s concerns are focused on the volatility of oil prices, which PM Modi plans to raise at the G-20 summit.

Responding to a question about protests in
Maharashtra regarding a proposed refinery, a joint project of UAE, India and Saudi Arabia, the envoy said the state government would allot land in the coming weeks. In June this year, the world's biggest oil producers, Saudi Arabian's Saudi Aramco, Abu Dhabi National Oil Co (Adnoc), the state-run oil firm of the UAE, and India came together to jointly develop the refinery and petrochemical complexes coming up at
Ratnagiri in Maharashtra.

Responding to a question on extradition of Christian Michel, a British national and alleged middleman wanted by Indian investigative agencies in the Rs 3,600-crore Agusta-Westland VVIP choppers deal case, Al Banna said the matter should be left to the judicial system in the UAE. This month, a Dubai court ordered Michel's extradition to India.

Speaking about Indian workers, the envoy said UAE wouldn't have reached where it is without help and hand of various nationalities, especially Indians who were a part of building UAE. Indians with professionals, doctors, engineers, white collar and blue collar workers have participated and helped in the growth of the UAE economy.

The envoy said India and UAE would soon sign an agreement for setting up a fast-track single window system for investments. Al Banna also asked for a review of the air service agreement between India and the UAE. “Its time to review air services agreements when carriers reach 85 per cent capacity. UAE carriers have reached 100 per cent capacity. So its time to take another look at seats, occupancy and flights. We should remember that 55 per cent of Indians travelling overseas travel via Abu Dhabi.”